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Cayman Funds Newsletter - December 2017

  
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Welcome to the Q4 2017 Stuarts quarterly funds newsletter.

In this edition, you will read about topics including:

  • Cayman Not Included on EU Blacklist
  • Automatic Exchange of Information
  • Issue of CbCR Regulations & Consultation on CbCR Guidance
  • Cryptocurrency in Cayman
  • Initial Coin Offerings in the Cayman Islands
  • Latest Investments and Securities Figures
  • Update on the Beneficial Ownership Regime
  • Unregulated Funds and the New AML Regime in the Cayman Islands
  • Innovative Lending Solution for Portfolio Companies

We hope you will find the newsletter of interest.

Kind regards,

Chris Humphries
Managing Director

Chris Humphries


On 5 December 2017, a blacklist of 17 non-cooperative jurisdictions in taxation matters was approved and published by the Council of the European Union and the Cayman Islands has not been included on such list.

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The Cayman Islands AEOI Portal is currently offline. The reopening of the Portal will be communicated through an Industry Advisory and on the AEOI Portal News and Updates page of the Department for International Tax Cooperation website.

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The DITC has advised the Industry that the Tax Information Authority (International Tax Compliance) (Country-by-Country Reporting) Regulations, 2017 were made and gazetted on 15 December 2017.

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Blockchain technology continues to be the largest growing sector in the funds industry. As Cayman Islands specialist funds attorneys, we have advised several investment funds and administrators on the utilization of Blockchain technology and the implementation of smart contracting into their business model. We have also been instructed in connection with the establishment of ‘crypto funds’ and the holding of Cryptocurrencies.

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Initial Coin/Token Offerings (“ICOs”) are becoming an increasingly popular means of fundraising for new projects and utilise blockchain technology to do so.

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Read the latest Licences / Registrations figures in effect in the Cayman Islands.

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Since 1 July 2017, relevant Cayman Islands companies and LLCs have been subject to a new beneficial ownership regime in the Cayman Islands which has required to them to establish and maintain registers of their beneficial owners. The Cayman Islands Government has recently made some further amendments to the legislation which implemented the BO Regime.

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The Anti-Money Laundering Regulations, 2017 were brought into force on 2 October 2017 and replaced the Money Laundering Regulations (2015 Revision).

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In circumstances where funds have little to no unfunded capital commitments but their portfolio company requires additional short to medium term funding, we have recently been made aware of an innovative funding solution which enables the funding hole to be filled without security being taken by the lender (thus avoiding the additional cost, delay and complications associated with it).

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